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tv   Varney Company  FOX Business  February 21, 2013 9:20am-11:00am EST

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shoot. [laughter] >> that's deep there. warner: you can't get better than this. imus: here, kareem, you do it. warner: yes, finally, no more missed goal by the referee in the world cup. effective next year, in brazil, all the games will use new goal line technologies where a magnetic sensor will immediately be relayed to the referee's wrist watch. imus: that's good. warner: like dick tracy stuff. imus: lou, why are we playing this record? >> let's see the conversation was about drinking and drunks. imus: and old drunks. bernie: i'm speaking for lou. am i right, lou. >> i think so, that's pretty sel self-explanatory. imus: i don't think criticizing the i-man here ♪ i'm gonna call everybody honey and wind up singing the blues ♪
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♪ spend my whole paycheck on some old wreck and i could name you a few ♪ ♪ i gotta get drunk and i sure do dread it because i know just what i'm gonna do ♪ ♪ i gotta get drunk, lord, a lot of good people in town ♪ ♪ if you hear me holler, see me spend my dollar, need a lift from town ♪ ♪ a lot of good doctors keep telling me george, you better start slowing down ♪ ♪ more old drunks than there are old doctors so i guess we better have another round ♪ ♪ imus in the morning ♪ >> is this the new normal for america's economic performance? dull, slow, weak? good morning, everyone, wal-mart sold less stuff. that's a measure of the overall
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economy. wal-mart took in less money. wal-mart sales were down. wal-mart tells the economy's story. what's going on here? well, start with gas prices, up again today, by the way. up nearly 50 cents this year, you can't spend at wal-mart when your gas costs so much more, so suddenly. and then there's taxes up for everyone as of january the 1st. you spend less when your paycheck shrinks, throw in rising unemployment and a president who wants another round of tax hikes and you've got a weak economy. telling me, really? is it all the republicans fault? "varney & company" is about to begin. [ male announcer] surprise -- you're having iplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new ansmission. [ coyote how ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪
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>> all eyes on the market this morning. question, will the selloff continue? remember, two federal reserve governors say not so fast on all of ben's money and look what happens. right down, everybody, 100 point loss on the day started around 2:15. today the fallout from ben
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continues. look at gold, please. and way below 1600, no balance back at all. if there's any hint that the printing presses go. gold goes down. look at it. oil prices lower as well. very interesting this. oil is back down to $93 per barrel, where it is right now. 93. what does that mean for the gas price spike? maybe it's going to come to an end. here is the latest number. the drop in oil could mean that the spike is coming to an end, but we're at 3.77 as of right now. we went up about another penny and a half overnight and that means, 35 straight days gas has gone up. just in the past month. it spiked 46 cents to be precise. here is our glimmer of hope that it may be coming to an end. chicago, where gas has gone up much more than the national average prices there, dropped overnight. down just 1/2 cent, but down. you still pay more than four bucks in chicago. we get existing home sales, and
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that's a very big number for a lot of people. you'll get that number at the top of the next hour. and we have for you some homes that were bargains, but now, they are not. like this house in san diego. two bedrooms, two bathrooms, almost $425,000 in 2011. can you guess what it's on the market for right now? i've got a hint for, a lot more. tanya from team investments joins the company at ten o'clock and reveals the current price on this home, and two of us like it, that will be coming up at 10:50. and ben might stop printing money. the markets do not like it. so is the stock market rally over? should we pack up our cow record graphic for now? we've got an answer because the opening bell is next. friday night, buddy.
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on the dow technical analysis says we're going to drop 10, 15%. stuart: 13-927. >> so put your seat belt on i think it's coming. stuart: you think it's coming. >> absolutely. stuart: you think the short-term rally is over. >> usually 13-7, 13-6 we're going down. stuart: we're not there. i want to talk to you about wal-mart, an economic indicator. let me bring you up to speed. the market about a half minute away. a couple of items in the news background this morning, number one, 362,000 new claims for jobless benefits last week, that's a high number. it's up 20,000 from the week before. we don't consider these really market moving numbers, but it's another indicator of a relatively weak economy, along with the wal-mart indicator, as well. the consumer price index showed no gain, no loss at all in the latest reporting series. okay. we are off and running. we were expecting the dow to
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open lower, let's see where the opening trend is, yes, it's down just a little. we're just above the 13-9 level as of right now. but, we've not continued the real tumble that we got yesterday after those two fed governors made their statements about ben printing money. we're down and old is down, gold is down. let me get to wal-mart, less money in your paycheck because of the payroll tax increase and less money to spend at wal-mart because of the gas price spike. that really did take a toll on wal-mart's sales. and now, wal-mart is an economic indicator. now, look at wal-mart as the stock. nicole, where did it open? >> right, we're seeing it up a little bit here, for the big picture, wal-mart is a great economiccator, like you noticed, stuart. it's about payroll taxes and had an internal memo that we found out about. and they know that the payroll taxes are hitting americans,
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consumer spending, higher gasoline, that's what we're looking at. so, that's why we're seeing the big news on wal-mart. and the dividends. >> hold on a second, nicole, i'm looking now at wal-mart regaining $70 per share and that's because they did indeed raise the dividend, as you pointed out, and also, they squeezed more profits out of the lower sales. now, if your profit goes up and you increase the dividend, it doesn't matter what kind of indicator you are, up goes your stock and wal-mart has regained $70 per share. >> and by this crowd, this is for michael kors. this is what the crowd is for, while you may see it trading away it's not open here at the exchange, there's heavy volume on the open. stuart: i'll get to you in a second. i'm interested in michael kors, you know because i have four daughters. nicole, thanks a lot. and i've got gee-whiz items for you and all of that google here showing off the voice command glasses.
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apparently these let you search, navigate, chat, take photos like the headsup display that the fighter pilots use. 1500 a pop and that's a gee-whiz. watch out ipad and surface from microsoft, google has developed a touch screen laptop powered by chrome. google's stock took a tumble yesterday. almost back to 800 this morning. now we're not going to put blackberry on death watch, we have he a learned our lesson. early only list reports show that the sales of the new blackberry in the u.k. and canada, blackberry 10, tepid at best. goes on sale here next month and up 1%. sony unveiled the new playstation last night or did it. sony didn't actually show us the console. didn't tell us how much it's going to cost or when it will go on sale. nicole come back in. what about sony? where are they? >> oh, sony, i was at the
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michael kors trying to find out what's the deal. and this is what i am finding out. zo sony 1 1/2%. and the 4. we haven't gotten a price how much it will cost and of course your microsoft xbox they'll be releasing a new xbox this summer so the two can compete. >> do you know what's happening with michael kors. >> while i was standing here and talking to the guys here, the secondary offing of new shares and that's why everybody tries to get in there and down 1 1/2%. stuart: it's not a new hand bag or purse or something, you had me worried there, nicole. >> a new round of buying in the varney household. thank you, nicole. let's get back to wal-mart with ed butowsky. i'm taking wal-mart as an economic indicator, i'm saying it's not a good indicator for the economy and you say what? >> no question about it. the way i look at wal-mart, sort
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of like the homeland for middle class america. i shop there as well as everybody else. and that's the indicator that we use. and the number is out today. as you said that's unchanged. that's a flat-out lie and stuart all the time, gas prices, vegetable prices are higher. everything we spend money on are going up and as a result less money in people's pockets and odd on to that, people are start to go contribute to the 401(k) plans the beginning of the year. at the end of september, people's 401(k) contributions disappear and that's why people are spending less and we have higher taxes, higher prices for everything, less money in our pockets, and people aren't getting raises and people who are miserable who don't have money. >> are we headed for recession? >> there's no question. and i've been saying it for a long time. told you almost six months ago, this country was in stagflation and we are. stuart: but you say recession? okay, let's be technical just for a second. >> absolutely. stuart: a recession is
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back-to-back quarters, that's my opinion, back-to-back quarters where the economy shrinks. okay. we hear, first reading the last part of last year, that the economy shrank. >> that's right. stuart: you think that stretches over into this year and it won't be revived and we will actually show, we are in recession? really? what's changed? >> tell me has anything gotten better anywhere in this country? >> okay, you've got me. >> the fourth quarter was contracting, what's happened in the first quarter to change that. stuart: supposing we do go through these spending cuts, sequestration, does that push us into recession for sure? >> sequestration is obviously a big problem, all right, but at the same time it's a minor, you know, relative to the fact of the economy it's minor. the biggest problem this country is in stagflation and we're in rigger mortise going no one.
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stuart: if gas prices take the money out. tax increases taking money out, you wouldn't invest in stocks in that environment with you. >> the funny thing, if it affects stock prices obviously i wouldn't. in terms of earnings, but when you start seeing, remember, 44% of our earnings growth for major companies comes from outside of our country, but that's the answer. stuart: and multinationals, if you're a big corporation, get a lot of profits from overseas, that's good for ed butowsky? >> it's good for everybody. stuart: all right, we hear you, ed. a pleasure, come back soon. now i want to bring you this, an american chief executive officer criticizing the french. maurice taylor from titan international, here is the already he wrote to the french government after refuse to go open a tire plant in france. >> the french force works three hours. one hour for break and lunch and talk, and work for three hours.
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i told the french union workers to their faces and they told me that's the french way. and any comments? you're laughing. >> well, the answer to that, it's just absolutely ridiculous, thee hours a day they work? and what can you say? >> what can you say? i think we've said enough. thank you very much indeed. by the way, i'll have more on this, on the french outrage and american honesty coming up at 10:25 this morning's program. take a look at ford. ford motor company, please. announcing this morning that it plans to invest 6.2 billion dollars in u.s. plants by the year 2015. so, joining us now is joe h henricks, ford's president of the americas. >> good morning. stuart: we get to the investment in america. i have to ask you this, you guys
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are going to get hit with higher gas prices and lower paychecks, aren't you? >> well, the automotive consumer's been pretty resilient last months. month to month, november, january, february is off to a good start, too, you know, on the auto consumers side while we're watching everything going on. demand still is there and still growing. stuart: good for you. what about the 6 billion dollars? what are you investing it in? what kind of car are you putting 6 billion dollars into in america? >> well, our entire product lineup from cars, utilities trucks, small, medium and large and when you look at it. the announcement today all right the two liter eco boost, goes in the fusion behind me, our great lineup. we're investing in the product lineup and added manufacturing capacity because we're growing, last year added over 8,000 jobs in the u.s. and this year, this announcement plus our flatrock, michigan announcement adding more jobs, growing american
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manufacturing. stuart: thanks very much indeed. joe, we appreciate you being with us, sir, good luck for the 6 billion dollars, good to hear about that. >> thank you. stuart: it is thursday morning, i've got seven early movers for. better than expected results at the maker. up it goes. disappointing from the tech firm, it's town. wider than expected of loss at the electric car maker, tesla, more on that coming up and down 2 bucks aa 36. disappointing profits at the filtration company polipor and the vacation home rental website, home away, up nicely there, the electronics payments company verifone slashed forecasts, whoa, chopped off at the knees, down 38%. and listen to this one. sam adams beer in a can made it to shelves early summer and the parent company boston beer
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reported lower profits, but it said demand was strong for its seasonal brews, nonetheless down $4. 148 on sam adams. check the big board, please, we are down. this is a follow through from yesterday's selloff. now at 41 points. 13-8 is the number to look at right now. i've got 60 seconds' worth of what we've got for the rest of the show. item one, president obama doesn't have to face any tough questions, does he, about gas prices, about the so-called armageddon that he's predicting if the spending cuts go through. why is that? we're talking about it coming up the top of the hour and number two, greenies insist of keystone pipeline will make global warming worse and oil from canada's tar sands is so dirty it will pollute the environment more. we'll be joined by a sensible environmentalists saying the left is promoting a climate of fear. wait until you hear this, a company that sets up a fake girlfriend for you on-line, even
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sends fake messages and voice mails. we'll tell you how much it costs. will people really pay for this? i bet they do. we're talking about it at 9:50 this morning. let's get back to the price of oil. wow, look at that. 93.17. way, way down, down two bucks, that's a selloff. will gas prices follow? we shall see. the honeymoon could be over for the markets. the fed hints that it will stop printing. and it's just a hint. radio host and former investment banker carol roth is here. her take on that and jon corzine, he might be banned from financial trading for life. okay? carol roth on that in just a moment. and we know how joe biden feels about mr. corzine, listen to this. >> literally, the first guy i called was jon corzine. not a joke. not a joke. and first of all, he's the smartest guy that i know. (announcer) at scottde, our clients trade and invest
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>> the fed, that would be ben, might stop printing, might. the market does not like to hear that. joining us now from chicago, the reformed investment banker and current radio host, that would be carol roth. all right, carol, have i got this right? a couple of fed governors show that the fed is split on whether or not we should continue printing money and down goes everything. am i to infer from that that without a lot of money printing, this market heads south big time? >> you are 100% as usual, stuart. i've been saying for months and months and months that there isn't a strong foundation behind this market. it's been built on fed printing and it's been built on financial engineering. we've been getting companies that have been increasing their earnings, based on cutting overhead and doing share buybacks, there hasn't been a
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huge growth in revenue. we need these companies to take the money off of their balance sheets, invest in growth, hire people so we can get revenue growth that will grow gdp. that will put consumer confidence back into place, spending, and that will create a real foundation for the market. >> we keep tossing around an expression, new normal. do you think we're in a new normal for america's economy, that with a very, very show rate of growth. modest profitability by our corporations and the accumulation of massive debt. is that the new former th new n can look forward to for years and years to come. >> it could be a new normal, not for me. i think if the market is going up. if the economy is going to continue to grow we do need some sort of a catalyst. i don't think this we can stay in limbo land forever. i think that the market wants to go one way or another. sluggish growth, perhaps, in the interim, but at some point in
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time something's got to give here, stuart. stuart: carol, i want to bring to your attention to jon corzine,'s' futures trader made a mess in chicago. before we get to a discussion of jon and a possible lifetime ban, i want to play this sound bite from joe biden. >> literally the first person you called was jon corzine, not a joke, not a joke. first of all, he's the smartest guy i know. >> he could be banned for life from futures trading, what do you say. >> i have to say for joe biden's perspective, somebody can be and morally bankrupt. they're not mutually exclusive. i'm glad they're putting him up for a ban, but i don't understand why he wasn't prosecuted.
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he the house oversight committee said that he was responsible for this and we already have so much distrust of what he is been going on on wall street from the people on main street, i think they made a big mistake in not prosecuting him and he may be the smartest guy, but he's obviously not quite clever when it comes to the moral issues here. >> all right. nicely put, carol. i like that. and that's very diplomatic. carol roth, everyone, thank you very much indeed. we'll see you later. let me bring you up to speed on the price of gold. a tumble yesterday and down again today. 1,570, down another 7 bucks. how much would you pay to make people think you had a significant other? well, a new website offers that service, fake girlfriends on facebook. it's not cheap apparently. tanya and charles payne will be here in just a moment. what do you think is the going rate for a fake on-line girlfriend? what do you think is the going rate? i don't know.
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we'll tell you though. ♪ it was just my imagination ♪ ♪ running away with me ♪
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>> here is an example of business imitating life. a new website called fake
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internet girlfriend will allow to rent a fake girlfriend on-line. it costs $750 for a three-month commitment. once you pay, a facebook account will declare itself in a relationship with you. and send you messages and posts on your facebook wall. charles payne and tanya are here. okay, is it sad or is it gross? tanya? >> both. i think it's disgusting, sorry. stuart: why? >> why do we have to fake that? i am perfectly fine being 38 and single and not having kids and not being in a relationship. i love what i do. i don't have to fake it. stuart: are you advertising? >> no, i'm not. that was not. stuart: let's move on to charles. . [laughter] >> and 750 for three months. stuart: yes. >> that adds up. you might as well get a real girlfriend for that for three months. stuart: 750 for three months. they won't tell us how many they've signed up. >> that's ridiculous, but
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someone is making money. >> is it a situation like the football player? >> good one. >> we've got the first endorsement possibility for them. >> yes, exactly. stuart: we may or may not revisit this topic later. all right, we get a big housing number it's coming up at the top of the hour, it's the existing home sales number and our real estate expert is here and her name is tanya marco, made quite a smash on the program. >> thank you. stuart: as you can see. president obama never has to face serious questions on gas prices, or that so-called financial and economic armageddon. no serious questions why? those stories are first in a jam packed hour of "varney & company," that is just ahead.
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today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines
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he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where plied,
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increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-day free trial, go to axiron.com. stuart: the president threatens armageddon for the economy. were there any hard-hitting media questions about that? the price of gas has gone straight up. has the president faced questions or criticism about that? good morning, everyone. the answer to both questions is no, he has not. president obama granted interviews to eight local news stations about impending spending cuts. they weren't interviews. they were a series of questions where he just barrelled through with his politics. everyone suffers because the republicans protect their millionaire friends, he said. all right, now, a little history on gas prices. remember the reaction to $2 gas under president bush? constant critical questions, bush got all the blame. with president obama, the price has doubled on his watch, but
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he's walked away from it all. so here we are, the economy is sinking, unemployment rising and the debt clearly exploding. when will the president take a probing question? stuart: we've got that big real estate number for you, existing home sales. now this is on an annualized basis selling in america at an annualized rate at 4.92 million homes per year. that's not -- i'm not going to make a judgment on that because we have our own guest on that story. i want to ask you, tonya, what's your reaction? 4.92 million existing homes selling rate this year. what is it? >> you know, i think -- obviously we're in a better position than we have been. then's really -- and that's really important. i think that housing is truly still leading the way out of all the debacle that we have been in. it is great as an investment.
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basically you can make your cash flow. you can do a whole bunch of things with housing that you can't do with other investments. stuart: it's up 9.1%, existing home sales, 9.1% more year over year. not a bad number. >> no, it is a great number. stuart: hold on a second. i have a bad number. this is the philly fed. charles i need you on this one. the philly fed reading shows a minus 12.5. okay? minus 12.5. that's -- i think that's a bad number, isn't it? charles: it is a bad number. stuart: philly fed, what does it mean? charles: the states neighboring pennsylvania, break down the country in 12 regions the federal reserve does. stuart: manufacturing? charles: manufacturing. it's very very important. the philly fed and chicago fed seem to have a bigger impact on the market than all the other regional reports. you can look at it in two ways. one obviously it is a bad number. but two, maybe this is what wall street wants after hearing that ben bernanke may take away the
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punch bowl tomorrow. we're not getting that traction, this manufacturing renaissance that we keep hearing about hasn't materialized. stuart: i want everyone to look at the market reaction. there has been reaction especially to that philly fed number. a bad number, the dow is now down 76 points, 13,852. we were not expecting any market -- stock market reaction to the real estate number, which was neither here nor there. up 9% existing home sales year on year. we're going to talk more about housing later this hour with tonya. take a look at this home. okay? this is san diego. it hold for $435,000. that was two years ago. it's back on the market. the asking price has gone up. tanya is the one who is selling that home. she's going to reveal how much more she wants for that house. i want you, though -- she will reveal it later on. i want you to have a guess. chime into our facebook page.
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what do you think? 425 two years ago. what is it now? the answer will be here at 10:50. all right. back to the big board. we are down 75 points. it was a negative reading from the philly fed, that's manufacturing, in that area of the country, doesn't look good, down goes stocks. less money in your wallet means lower sales at the big name that you know. nicole, wal-mart stock, now let's separate the stock from its indicator of the economy. i think the stock is up. yes, it is. go. nicole: the stock is up surprisingly really because they didn't say anything great. on the contrary they said that sales were up 1%. they are seeing flat in this current quarter. they talked about february being a disaster month. they noted the payroll taxes that americans are paying more money out of their pockets. we know that gasoline prices have been factored in. they too noted that in their memo when they were concerned about consumer sentiment and consumer spending. they really -- they are an indicator.
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obviously they are not seeing stellar sales. the stock is resilient. stuart: the dividend goes up. their profitability is strong, so the stock goes up. charles, i have to ask you about them as an economic indicator. they seem to fit the narrative established by the philly fed, weak economy. charles: oh, absolutely. you look at the chart over the last four years, it confirms that as well. a lot of people are a little concerned about that memo came out thinking maybe the numbers would be worse, therefore you got a little bit of a bounce. stuart: let's get back to the issue we raised at the top of the hour. president obama is not getting any questions about the spike in gas prices and he's not getting any questions about this, either. roll tape. >> people will lose their jobs. it will jeopardize our military readiness. thousands of teachers and educators will be laid off. tens of thousands of parents will have to scramble to find child care for their kids. stuart: charles, what do you make of this? charles: listen, it's amazing that -- i guess, you know,
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listen, this is president obama's creation, okay? like dr. frankenstein, i guess at some point you have to say listen the monster has been unleashed and i'm afraid of it. but it's his creation. the notion that he would sort of put this on the lap of the republicans is laughable. i think the republicans should hold their ground. the bottom line he's trying to renegotiate what he's already negotiated. he got an amazing deal, but not good enough for the president. as far as using these human shields at some point, it is ridiculous. stuart: explain that. charles: every time he gives a press conference, that's doom and gloom, he's got police officers, firefighters or even children. you know, and these are human shields to promote his agenda. i think it's despicable. stuart: new york times chiming in, sub headline, spending cut is likely. they have bought the president's line hook line and sinker, have
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they not? charles: of course, that's not surprising from that particular paper. >> obama is a professional truth twister. he likes to throw things out there and turn them around and blame them on the republicans. there's no entitlement cuts. doesn't make any sense. and it's 2%. he could sign the bill and it would be done. stuart: if we can't get a tiny cut like 2% through without armageddon, how can we ever deal with 16 1/2 trillion dollars debt? charles: and these entitlements. stuart: all right. i have to get back to nicole. i have safeway stock. i believe it is up big. i want to know why. nicole: their quarterly profit jumped 13%. they did well on their revenue. safeway is up almost 6% here. so certainly doing exceptionally well for safeway. keep an eye on the other names like supervalue and kroger. i wouldn't necessarily put whole foods in the same market because we know whole foods is
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different. stuart: all right, nicole. total change of subject. secretary of state john kerry gave his first major foreign policy speech yesterday. what will be the focus of his first speech? climate change, yes. i'm quoting directly now. if we don't rise to meet it, rising temperatures and rising sea levels will surely lead to rising costs down the road. all right. we've got that. later this hour, we will have an environmentalist on. he's going to be on the show talking about climate change and what he's calling the politics of fear. the climate of fear. harold ambler outspoken critic of the global warming hysteria. he's been slammed for it but he's here in person at 10:35. let's get to the push for pot tourism in colorado. joining us now is an executive chancellor. dale, you teach the pot business. and i really want to know some specifics from colorado because they have gone fully legal.
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okay? they want people to go there and buy the weed and smoke it in colorado. i have got that. i have to ask you about prices. i believe that you can buu up an eighth of an ounce in colorado. what would i pay if i were to go to colorado and buy some? tell me. >> well, keep in mind that location, location, location is very important. but right now in colorado, you're always going to pay a little bit more, the smaller increments you go. so you're looking at about 220 to 250 dollars an ounce as an average. if you try to drop that down more to a quarter of an ounce, you're looking between 60, 75 dollars. stuart: okay. so an eighth of an ounce which i believe is the legal limit for an individual purchase, that would be 35, 40 bucks for an eighth; correct? that's what you are looking at? >> well and realize too that you have got various qualities. so you have your 2 buck chuck and you also have your boutique
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high quality cannabis. there's a lot of folks who will drop the price ridiculously low -- but adults could pay easily $60 for something that's high quality hard to get. stuart: you're telling me there's a discount for poor people, is there? >> well, what i'm saying is there are a lot of dispensaries that are currently set up predominantly for medical cannabis patients that offer discounts for low income or individuals that have health issues, yes. i'm not saying that you can just walk in and automatically get a discount. it is up to the individual businesses. i just want to point out that there's a lot of businesses that have compassion programs for the very sick. stuart: discount for poor people is very interesting concept. we will leave it for another time. what's the profitability? if it's 40 bucks for an eighth of an ounce, let's go $250 for a full ounce of weed. what's the profit percentage in
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that? i'm sorry. i should be more specific. let me break this down, for the retailer so to speak. what kind of profit are they going to make on the sale for one once of weed? for the grower, the creator, the farmer, if you like, what's their profit out of that $250? can you break it down for us? >> what's interesting about colorado and what's different about colorado is that they are required currently to grow 70% of their own cannabis, so the producer is the seller. you kind of cut out the middleman there and you also cut out an opportunity for the cannabis to get outside of the circle. those dispensaries cannot actually seek cannabis from their patients the way we do here in california. they can only seek the extra 30% of their stock from other dispensaries. so if you go somewhere like washington, where you have a grower who is a producer that is separate from the retail market, they have an opportunity to tax
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both with the cultivation and then with the seller. and in fact, also an excise tax usually. so you are looking at 25% at each of these locations. you have a 75% tax you're looking at. it's almost impossible to make much money if you are overinflating what the black market is. and a study was done on this saying if you overtax cannabis, that you are actually encouraging the black market to start up again. this is what colorado did right. stuart: hold on a second, let me go back to colorado. the seller is probably the grower. and therefore -- >> indeed. stuart: -- in colorado, you are going to make a lot more money. the profitability is enhanced significantly because of the way colorado is structured -- has structured the sale, no? >> you have a greater opportunity to make a profit, yes, but i also want to point out that colorado has very
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burdensome -- well, shall we say recordkeeping. you actually have to have a camera from the seed all the way to handing it to the patient, and while they relaxed some of the standards as far as it being live and observed by officers 24/7, you still have to keep record of all of this and it gets extremely expensive. stuart: i've got it. i don't want so much of the detail. i need to focus on the money here. >> okay. stuart: i'm a grower. i sell it in colorado legally. $250 an ounce. what's the tax on that? >> right now in colorado you're actually only looking at a sales tax, and this is also what colorado did right. i believe it's 7.2% in colorado for sales tax. and when colorado -- stuart: hold on. i've got it. so i charge 250 bucks, i add on the sales tax on top of that $250; right? >> presumably. stuart: if i have grown it and
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i'm selling it, despite all the recordkeeping requirements, i have a pretty high profit margin on my 250 bucks an ounce, haven't i? >> if you run a tight business, you do, stuart. you can make some good money in this industry, if you do it well, yes. stuart: dale sky jones, that was good. thank you very much. i wanted precise numbers. you gave it to me. thank you very much. >> thank you. stuart: more fear tactics from the obama administration. this time from secretary of defense panetta. he warns 800,000 civilian employees would face unpaid leave if the defense budget cuts happen in march. after the break, lieutenant colonel ralph peters joins us. he's not happy about how this is being handled at the pentagon. at a dry cleaner,
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stuart: sony unveiled play station 4 last night or did they? the new console has enhanced graphics, the ability to play a game while it's down loading. but they never showed the actual console. didn't tell us how much it is going to cost or when it is going to go on sale, and sony is down nearly 3%. while sony is looking for a head start, microsoft is expected to unveil its new x-box in june. it's expected to be on the store shelves by the holiday season. microsoft stock which i own down 1%. watch out microsoft, new reports out that google is releasing the first touch-screen laptop, complete with its chrome technology. shares of google almost back to
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$800 a share. weather watchers and warnings from -- weather watches and warnings today, several feet of snow being dumped in some areas, winds and hail in others. is that coming towards us in the northeast? watching it carefully.
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stuart: all right, an electric carmaker. they received 530 million dollars from the feds a couple years ago. it may be rescued by a company from china. some senate republicans outraged
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saying u.s. taxpayer money could end up boosting the chinese economy. the company is struggling despite the fact that our own tanya who is itting with us now actually bought one of those that you can see -- who is sitting with us now actually bought one of those that you see right there. do you like it? >> i love it. it goes about 100 miles on the electric charge and then a 6 gallon gas tank kicks in just to charge the electric motor and you get about another 200 miles. so 300 miles total. stuart: you like the design? >> it is an amazing car. 410 horsepower. stuart: fast? >> fast, and it just hums. it's silent. stuart: real quiet? >> uh-huh. they had to put a hum in because it was silent. in order for people knowing you are coming and going, they need to put a hum in. stuart: i think you need to give thanks to our viewers who subsidized this machine for you. >> i sure hope out doesn't get sold because it is an american made car right now. and yes it was on the backs of the taxpayers.
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>> look in the cameras and say thank you. >> thank you. stuart: defense secretary panetta telling congress that 800,000 civilian pentagon workers could see some form of unpaid leave if these cuts go through. joining us now is colonel ralph peters, always a good guest on this program. colonel, welcome back. >> always great to speak to you, stuart. i wish it were a better occasion. stuart: yeah. you are not happy about this, are you? tell us what you feel. >> well, i'm ashamed because the code of ethics in which i believe for the officer corps is being violated right and left by the joint chiefs and the services, and, you know, this is a kind of behavior i would expect from the pakistani military, not ours. basically the pentagon is doing everything it can to blackmail congress. instead of focusing on the mission. instead of focusing -- stuart: look, the sequestration cuts were explained to me last night. and i am told reliably that it
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is an across the board cut. every agency -- within the pentagon, every program, every area within the pentagon takes exactly the same cut. therefore, the furloughs for 800,000 people are unavoidable. it is not like they are picking on a painful area getting rid of people instead of weapons systems, for example, this is unavoidable, it is the way the sequestration rule was written. they can't do anything about it, colonel. >> that's simply not true. first of all, they can work with congress instead of trying to blackmail them. but the -- an earlier guest was speaking about -- i like to use the word hostages, i think the guest used human shields. basically the services and secretary panetta are trying to make these cuts and there is flexibility with how you cut within the categories. they are trying to make them as painful as possible, in congressional districts.
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classic example, shipbuilding, a huge yard, employs 21,000 people. the announced cuts would immediately cost almost a thousand jobs. the threatened cuts could almost virtually put them out of business. why does that matter? because it would be vitally important for virginia congressional delegation and northern virginia is going to get hit because that's where the defense workers are concentrated. they want these workers writing to their congressman. sequestration is poorly done. it is a bad deal. and by the way, everybody agreed to it. obama sponsored it. both parties agreed to it. and i'm so -- i find these so despicable, unpatriotic and unworthy of our military, for instance, cancels the carrier to persian gulf, there were other places they could have cut, they were trying to get congress's attention. this is shameful. stuart: i have not heard you use
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strong language like that before. you are a frequent guest on the program. you really feel strongly about this. let me turn a little bit here. in your judgment, are we going to get these cuts because it looks to us like we will get these cuts? >> well, we may well get the cuts. i mean, god knows in washington, you can never -- never count out any level of that. if the cuts come into force, the problem now the military has painted itself in a corner by threatening to do as much damage to itself as possible. it's like i had an old girlfriend in college who is always threatening to kill herself, the military is basically saying if you don't give us our way, we're going to shoot ourselves. it violates the fundamental ethics of being a military officer. again i will use the word for the third time i'm ashamed of the joint chiefs. stuart: strong stuff, colonel. but look, we really appreciate you coming on, and i want to give you that platform. and we did. and we thank you very much for
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being with us, sir. >> thank you, stuart. i hope nobody who has an honest job loses it. stuart: well said, sir. thank you very much. see you again. all right. here's a simple fact, sometimes the truth hurts. my take on one american chief executive's opinion of the french. that's next. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason seris investors are choosing fidelity. now get 200 free trades when you open an account.
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>> i think they made a big mistake in not prosecuting him. so he may be the smartest guy, but he's obviously not quite clever when it comes to the moral issues here. stuart: that was good. that was carol roth in our last hour talking about jon corzine facing a lifetime ban from futures trading. by the way judge napolitano will weigh in on that subject in a few minutes from now. let's check the markets pleass because we're down again. down 100 points yesterday. down 51 so far as of now on the market. 13,875 is where we are. wait for it, charles has another idea on how to make money. what is this one? charles: you remember this one? stuart: i have been around for a long time. >> i don't remember it. charles: everyone has written off supercomputers. no one uses them anymore. are you kidding me? we started the week off talking about chinese hacking.
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there's a super computer war going on right now. we just leapfrog the chinese with their new computer. it was unveiled in november. they got orders from switzerland, japan, finland, germany. this is a stock. you can see it's made a nice move. if you go back, it's been significantly higher. $52 in 03. $66 in 97. i love what they are doing there. stuart: they have a brand new super computer? charles: oh yeah, the xc 30. it's a thousand trillion calculations in a second. amazing stuff. stuart: in one second? charles: yes, amazing stuff. this war is going to continue. it's been said it's great for
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storm weather, climate predictions, financial, commercial production, manufacturing. he left out automotives and left out aerospace. i like this. i think this stock is going to do extraordinarily well. stuart: you know what happens tomorrow? we look back at the stocks that you said would go up over the past week or so. charles: let's do that. stuart: protests in washington over keystone, environmentalists using some would say fear tactics. here's the question though, how bad would building the pipeline actually be for the environment? for the climate? is tar sand oil really as dirty as they say? we ask a reasonable environmentalist that question at 10:45 this morning. can you speak the truth? can you be honest and not be vilified? apparently not. here's my take: i bring you the case of the american executive who gave a frank opinion of french unions. he was blunt. his criticism was factually
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accurate, however. and he got slaughtered in the french media. granted, it was over there, but you can surely apply the moral over here. all right, here's the story, the executive is invited to go to france to check out a tire factory. it is in deep trouble. and the french think that maybe the americans with their money will save it. the executive inspects. he's met by furious union demonstrators. they don't want his help. they want more government subsidies or a full scale bailout. the executive talks to them and observes, but they don't work. they don't work hard. in fact, they don't work at all. they barely work. and they earn a ton of money. and they turn out an uncompetitive product. the executive sends a letter to the french government pointing out the workers' shortcomings, and he asks how stupid do you think we are to invest our money with unions like that? that did it. in the french press, he was universally condemned. outrageous and insensitive.
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a french minister said american tires would be vigorously inspected. notice that the executive facts were not questioned. nobody contested the truth. they just attacked it. it is a form of political correctness, just as stifling over there as it is over here, condemning those who speak their minds is a way of stifling the debate. maybe one day we will seriously question america's policy of endless taxation, endless spending and endless debt. maybe we should ask that honest american what he thinks.
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or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! stuart: just heard my take on the american ceo blasting the french. i want the company's reaction. charles, you are first. charles: love him. love him. by the way, that's the company's logo too. this is what he said, guys. he said they get paid high wages but only work three hours. they get one hour for lunch breaks. they talk for three hours and then they work for three. he went on to say titan is going to buy a chinese tire company or an indian one pay less than one euro per hour wages and ship all the tires that france needs. so go take it like that. i love the guy. the number if you want to call them 1-800-usa-bear. how can you not love that?
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stuart: do you want to say anything tanya? >> i think charles said it all. [laughter] stuart: our next guest is with us from chicago. i know you have been listening to this conversation. do you have anything to say about the titan guy and french unions? >> considering i have been pretty hard on the french here, i would have to say that i agree. can you imagine that there's actually debate here? he's responsible for investing shareholder money. he wants to do his -- the best that he can, and that's what is his fiduciary responsibility. if he's going to try to make good investments, then that's the task he's been set to do. he's doing his job. stuart: okay. let me get to the subject at hand which is this question of whether or not ben's going to keep on printing money. seems to me like it's just money printing that's kept all of these markets up, oil, gold, stocks. if he stops printing, we're in deep trouble. you agree? >> well, obviously the market
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action yesterday and the weakness today would certainly suggest that. i think the biggest area that i would actually like to see is i would like to see interest rates go to some sort of a market dictated rate, rather than a fed manipulated rate, keeping interest rates artificially low. so i'm a free market economist. i want the market to kind of sort out what's the right price. so do i think that we would come under pressure if he pulls away the punch bowl? you bet i do. however, stuart, it just isn't going to happen. he's not going to back off. in fact, even when we get some numbers, that suggest some negative implications of what he's doing, like you have seen in the u.k., where you've got positive inflation numbers, i still think that they will make excuses. they will change their targets, and that sort of thing, and they will just keep at it. central banks are not going to back off. it just isn't going to happen. stuart: you know, people listen to you tres. i suspect you could move the market. watch out. thank you very much indeed. good stuff. let's move on to jon
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corzine. he is facing a lifetime ban on any kind of futures trading following the collapse of mf global. corzine still under investigation. all rise, the judge is here. he knows a thing or two about jon corzine. >> well, you know -- yes, i do know him. i actually feel sorry for him because he was a very intelligent person. stuart: did he appoint you to the bench? >> no, he didn't. stuart: can i back up for a second? for the sake of our viewers who are not familiar with the jon corzine case. he found mf global. former governor of new jersey, senator from new jersey. he ran goldman sachs, 300 million dollars personal fortune, found mf global. he bets big on the european. he bets big on europe turning around. the bet fails. 1.6 billion unaccounted for. he may have mingled his company money with client's money. charges unethical behavior.
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they may ban him for life. and you say what? >> well, the charges perhaps should be more severe, more serious than unethical behavior, depending upon what he did with the commingled funds, and what bills he may have paid with the commingled funds. there could actually be criminal behavior. i'm not suggesting he committed a crime. i'm suggesting the government should look there. with respect to whether or not he can accept funds from clients, for futures trading in the future, most respectfully, dear stuart, what business of that is the government? if someone is wise enough to give him their money or foolish enough to give him their money, that's their business. not the government. stuart: come on, judge, it is the job of regulators to keep the market on the up and up. >> it is the job of regulators to interfere with the free choices of investors, that's what they are doing. stuart: no regulation? >> i couldn't give jon corzine a nickel of mine, but i wouldn't stop him from you, dear sir,
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from giving all of your nickels to him. stuart: no regulation? >> you want to get into no regulation, the answer is yes, be u that's a long -- but that's a long series of arguments before we get there. but with respect to whether this publicly disgraced person, who lost over a billion dollars, can solicit more funds from others, if someone is foolish enough to give him their money, they deserve the outcome. and it's none of the government's business. stuart: all right, all right. i'm speechless. >> you didn't expect me to back down, did you? stuart: no, i didn't expect you to say that in the first place. >> that's why i'm chuckling. i know you and your wonderful producer thought i was going to go the other way. stuart: we did. judge, i'm flat out of time. that was good. appreciate it. stuart: fear tactics, global warming and the keystone pipeline, we're going to talk to a reasonable environmentalist after the break. we will ask him if tar sand oil really is as bad as the greeners
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all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. stuart: big number in the housing market, came out about 42 minutes ago. existing home sales up, 9.1% in january compared to one year ago. we also got the latest read from freddie mac on their 30 year fixed rate mortgages. the rate is 3.56%, up just a little bit from last week. all this and weekly jobless
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claims, up 20,000 to 362,000. we've got a negative reading on manufacturing in the northeast. and that puts the dow down 55 points. 13,872. another economic indicator numbers out from wal-mart today, reported it took in less money, sold less stufff we've got less money in our pockets, but they raised the dividend. they were more profitable, so the stock goes up nearly 3%. our next guest, an environmentalist, he is talking global warming fear mongering next.
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stuart: more money making from charles. this time it is the chicago bridge and iron company which he likes. charles: i do like it. the company was founded in 1889. i like these companies with long pedigrees. they are headquartered in the netherlands. i think that's for tax reasons. forget about the hype, solar power, wind energy, it is still all about gas, fossil fuels and it will be for the next 20, 30 years. these guys are making a ton of money around the world building these facilities. they are everywhere. they have been in the middle east for 70 years. africa for 30 years. all over the world they are building these things. backlog of 26 billion dollars in projects. this year they got a 250 million dollars deal in south korea. another deal in denmark. another deal in the u.k. the company is a giant global juggernaut. i think they are going to do extraordinarily well. stuart: are you chasing it? it's already up. that chart tells the story. charles: it is up.
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but you know what? i think it is going to go higher. you know, people who are afraid to buy a stock that's up. they don't want to buy a successful stock so they keep looking around for the ones that -- stuart: exactly. look at me and microsoft. [laughter] charles: by the way, it is not a trading vehicle. this is a longer term hold. stuart: i want to bring in harold ambler. he's the author of, get this, here's the title, "don't sell your coat." harold is a sensible environmentalist. this is about the keystone pipeline. the greeners say that the oil that would come from canada to america via the keystone pipeline, this tar sands oil is really bad stuff. it pollutes as in there's more emissions than in regular oil. is that true? >> from what i read, stuart, yes about 12% more carbon is released in the extraction of the tar sands oil. but that -- we have to unpack
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this. okay? so for instance scientists like to obsess about carbon dioxide. james hanson is a nasa scientist likes to tell people that their carbon footprint should be made as small as possible. his own carbon footprint is not all that small, however. he keeps circling the globe and telling other people to shrink their carbon footprint. i think it is more important than carbon dioxide. what is the moral footprint? stuart: i have to center us back on to this tar sands question. you're telling me that the extraction of the oil in the first place, in canada, not the burning of the oil in somebody's gas tanks, the extraction of the oil in canada produces a lot of co2, emissions, that is accurate, but in my opinion, it is going to be extracted whether it comes in the pipeline south or whether it goes in a pipeline china we're going to get this stuff out of the ground one way or the other, shall we? should we be scared? should we listen to the scare stories about how tar sands oil
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will ruin the climate? >> well, we absolutely should not. and the scare stories are precisely that. what hanson has said literally is if this pipeline is extended and completed, it is game over for the planet. now, i can't recall a more reckless statement by any scientist, let alone one in charge of climatology for nasa. it's a small wonder that people in this country are afraid of this pipeline, because they have been misled. as you say, this oil is going to be extracted. and it's going to be used. and that's just a simple fact. we are as charles was just mentioning a fossil fuel-based world economy and will remain one for the foreseeable future. by the way, that's been wonderful for the little guy. people on the left want to believe that they are the protector of the little guy, whereas in fact, making energy needlessly more expensive is an aggressive attack on people of small economic means. stuart: all right.
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harold ambler interesting point. we will leave it there. thank you very much harold. we will see you again soon. thank you. >> thank you much. stuart: one last look at this home before we reveal the current selling price. okay. sold for 425 -- i'm not sure what i'm looking at. okay, there we go. there's the home. it sold for $425,000, a condo in -- is that right, tanya? >> yes. stuart: 425, 2011, two bedrooms, two bathrooms san diego. now on the market for more. but how much more? we will tell you in a moment. you have been guessing. bring you up-to-date on the contest in a moment. ♪
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stuart: tanya has been on the company all hour entertaining us throughout the commercial breaks. she has some million-dollar homes for us. let me start with that home in san diego, which was sold in 2011 for $425,000. condo; right? >> yes, it is. stuart: how much is it on offer for now? how much do they want for it? >> $999,000, a million dollars. stuart: 425 to a million bucks in two year; right? >> yes, the 425 was obviously a foreclosure. this is a two bedroom, two bath, 1200 square foot condo in a district that overlooks san diego. stuart: they are not going to get a million bucks for that. >> no, they are not. the average price in there is about 803. but still 800,000 from 400,000
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dollars that's a heck of a return. stuart: by the way, nobody, not one person in our audience even came close to the current asking price. i want to move on. washington, d.c., let's see this home. it was 510,000 in the year 2001. it looks nice. that's d.c. describe it. >> it is in wesley heights. they have actually put $400,000 worth of renovations into it in 2012. so it's a three bedroom, three bath, 1500 square foot home. and it is priced again at -- stuart: a million dollars. >> a million dollars. stuart: it's gone from 500,000. they put 400 grand in. now they want a million. >> they do. stuart: that doesn't seem like much of a bargain. >> exactly. stuart: scottsdale, you have a house that was a million six in 2005. let's have a look at it. that's a typical scottsdale home, i have to say. what's the price now? >> a million dollars. stuart: this one has gone down. >> this one has gone down and it's been listed for about three months. we originally listed it at 1.15.
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it's a four-bedroom, six-bath 5,000 square foot house on three fourths of an acre. i just wanted people to see what you get across the country for your money. stuart: for a million bucks, that's what you get, that's scottsdale. >> yes, that's scottsdale. stuart: am i selling these homes for you? >> you are. stuart: am i acting as your commercial representative? >> are you my agent? [laughter] stuart: let's not get carried away. 38, single, still looking. [laughter] stuart: will never ever forget the tax subsidy. >> no. stuart: the highlight reel is next. i wonder what could be in the highlight reel today. chantix. when the doctor told me that i could smoke for the first week... i'm like...yeah, ok... little did i know that one week later i wasn't smoking. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions
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while taking or after stopping chantix. if you noticany of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serus allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be lifefe-threatening. if you have a history of heart or blood vessel problems, tell your doctor if you have new or worse symptoms. get medical help right away if you have symptoms of a heart attack. use caution when driving or operating machinery. common side effects include nausea, trouble sleeping and unusual dreams. it helps to have people around you... they say, you're much bigger than this. and you are. [ male announcer ] ask your doctor if chantix is right for you. my i feel so much younger.tly changed my life - and you are. my husband has his confidence back. and he can enjoy the laughter of our grandkids again. i can have fun with my friends again. feeling isolated? ready to reconnect? the aarp hearing care program provided by hearusa can help. call hearusa at ...
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for a free hearing check-up. plus, receive a free $50 dining card when you get your free hearing check up. aarp members receive a0% discount on breakthrough hearing aids. call now, and you'll even get a free 3-year supply of hearing aid batteries with your hearing aid purchase- a $100 value. the aarp hearing care program provided by hearusa comes with a 100% satisfaction guarantee. call hearusa at ... and start loving life again, today. stuart: here is the highlight reel. the president who wants another round of tax hikes and you have a weak economy. >> sequestration is poorly done.

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